Finance Minister Clyde Caruana on Wednesday announced Government will be reducing the excise duty on fuel in a bid to cushion the current increase in petrol and diesel prices.
Speaking in Parliament, Minister Caruana said the Government will be reducing fuel tax via a legal notice, as the world contends with a sharp rise in the international price of oil.
The legal notice is expected to be published today, Thursday.
For unleaded petrol, the excise duty has been slashed from €489.38 to €359 per 1,000 litres. For diesel, tax has been lowered from €412.40 to €330.
The Minister added that the price of fuel at petrol stations will remain the same.
Remaining in place until 2022, Minister Caruana said the measure will cost the Government around €31 million over a year, translating into around €2.5 million monthly.
EU finds Instagram and Facebook’s addictive designs in breach of digital law
EU says Meta must disable default infinite scroll and make its recommender system less engagement-oriented
TCNs in spotlight as court says Malta’s three-day migrant appeal deadline is ‘far too short’
Lawrence Mintoff overturned a decision that had dismissed a Colombian national's appeal as being filed too late
Malta’s trade deficit widens in May despite surge in exports
The European Union continued to dominate Malta's trading activity in May